$SPY TOP 20
Added 2023-01-22 13:05:48 +0000 UTCI think we know the game plan here, a break above the previous high at $400 and then final test before the bull case is breaking above $411.
I still expect this to pull back further but it has come back earlier in the week to hit the .38 fib so technically, in terms of EW theory, this is a valid pull back complete but the very minimum.
A break below $361 and we are into the bear case.
I am trying to keep my personal opinions away from this because everyone has their own strategy here, if you are buying SPY under 400 and intend to hold for 20 years, then it doesn't matter a lot if you get it just under 400 or at 350.
In terms of the overall market and the US economy, I am seeing weakness on a number of fronts, if this turns bullish now then the larger correction is coming at some stage later this year but if it continues the bear case now, the recovery starts sooner....let's see what poison the market takes.
